Deep Fall In ICO Investments: Report

The ICO market is significantly large compared to the previous years, but interest in token sales has dropped dramatically over the past 10 months, a report said.

Investment in startups conducting initial coin offerings (ICOs) has decreased from $5.8 billion in March 2018 to $291 million in January 2019, a 95 percent fall, according to a new study by crypto analytics platform Coinschedule.

However, in January this year, ICOs attracted 70 percent more capital than it did two years ago, statistical data shows.

Coinschedule listed the top 10 token sales by raised funds.

EOS is leading the chart by raising more than $4 billion through ICO.

A platform that supports decentralized apps, EOS has raised the highest amount of funds ever in its ICO - $4.197 billion between June 26, 2017, and June 1, 2018.

The next best raising of funds came from Telegram ICO. Its first and second presale garnered $1.7 billion in just over a month since February 28, 2018. Telegram's ICO aimed to use the funds generated from the token sale to expand its functionality via Blockchain technology beyond simple messaging services.

The private presale of Petro, Venezuela's official cryptocurrency, raised $735 million during February-March 2018, the socialist government in Caracas claims.

The Venezuelan government attempted to circumnavigate economic sanctions by creating their own cryptocurrency and using it as a payment method for oil. Petro is the first state-backed cryptocurrency in the world.